StockMarketWire.com - Premier Inn hotel chain owner Whitbread said it had acquired three hotels in Germany from a private seller operating under the brand Acomhotel, for an undisclosed sum.

Whitbread, which recently sold its Costa coffee chain to Coca-Cola to focus on its hotel business, said the deal market its second acquisition in Germany as part of a long-term investment plan for the country.

'The acquisition consideration will not be disclosed and Whitbread's return on capital from the acquisition is expected to be above its weighted-average cost of capital,' the company said.

The portfolio consisted of two leasehold hotels that were open and trading, in Nuremburg and Munich, with the right to purchase the freehold in seven and 13 years, respectively.

A further leasehold hotel was under construction, in Stuttgart.

The three locations together comprised 482 rooms and would continue to trade under the current Acomhotel brand until refurbishment work was completed in early 2020.


At 1:02pm: [LON:WTB] Whitbread PLC share price was -87.5p at 4402.5p



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